FULONGMA(SH:603686) Chang Jiang Shang Bao·2026-01-05 23:53Core Viewpoint - Fulongma has secured 43 sanitation service projects in 2025, with a total contract value of 1.875 billion yuan, which is expected to positively impact the company's operating performance in 2026 and beyond [2][3]. Group 1: Project Wins and Financial Impact - In 2025, Fulongma won 43 sanitation service projects, with a first-year service fee amounting to 596 million yuan and a total contract value of 1.875 billion yuan [3]. - As of the announcement date, the annualized contract amount for ongoing sanitation service projects is 4.044 billion yuan, with a total contract value of 33.012 billion yuan, providing a solid revenue foundation for the future [3]. - The company reported a significant improvement in cash flow, with a net cash flow from operating activities of 152 million yuan in the first three quarters of 2025, compared to a negative 136 million yuan in the same period last year [5]. Group 2: Business Expansion and Innovation - Fulongma has established four new subsidiaries in Hebei, Tianjin, Fujian, and Guizhou, with a total registered capital of 26.3 million yuan, focusing on the environmental protection business [4]. - The company has a strong presence in the sanitation equipment market, with a market share of 3.53% for new vehicles and 8.27% for new energy sanitation equipment [7]. - Fulongma's R&D efforts are robust, with 524 valid patents, including 103 invention patents, and a R&D expense of 43.64 million yuan in the first three quarters of 2025 [8]. Group 3: Financial Performance and Market Conditions - In the first three quarters of 2025, Fulongma's total operating revenue was 3.599 billion yuan, a year-on-year decrease of 5.07%, while the net profit attributable to shareholders was 113 million yuan, a decrease of 1.83% [8]. - The overall sanitation service industry is under pressure, with a 3% year-on-year decline in the annualized total amount of public bidding for sanitation service projects in the first half of 2025 [8]. - Despite the challenges, Fulongma's gross margin improved by 1.12 percentage points to 21.63%, although the net profit margin decreased slightly [8].